December 02, 2008

Mundra Port SEZ Limited to launch INR 1,500 crore IPO

It is reported that Adani group promoted Mundra Port and Special Economic Zone Limited is planning to raise INR 1,500 crore through an initial public offer to part fund the development of the port. It plans to hit the capital market through a public issue of 40,250,000 equity shares of INR 10 each.

Mr Ameet Desai executive director of MPSEZL said that "It will raise over INR 1,500 crore to part fund construction and development of basic infrastructure and allied facilities in the proposed SEZ and construction and development of south basin terminal for coal and other cargo at Mundra Port among others." He added that the proceeds of the IPO would also be utilized in part funding Adani Petronet Port Private Limited, Adani Logistic Limited and investments in Inland Container Private Limited.

Gujarat based MPSEZL, the developer and operator of Mundra Port, is primarily engaged in providing bulk cargo services, container cargo, crude oil cargo and value added port services, including railway services between Mundra Port and Adipur. It is the first company from SEZ and port sector to hit the capital market. The proceeds of the issue would be utilized for the further development of Mundra port and SEZ.